INDIAN ENGINEERING EXPORTS REBOUND

Among all the developing countries, India is one of the prime exporters of light and heavy engineering goods. India produces a wide range of items. The bulk of capital goods required for mining equipment, steel & petrochemical plants, cement, fertilizer, power projects are made in India. The engineers of India are also involved in making equipment for irrigation projects, construction machinery, cotton textile & sugar mill machinery, diesel engines, transport vehicles, tractors, etc. Thus, the role of Engineers in a developing India is not only diverse, but it is also very significant.

Led by strong demand from the US, Europe and United Arab Emirates (UAE), engineering goods exports from India reached an all-time high of $9.14 billion in July, accounting for one-fourth of the country's total merchandise exports.

The engineering goods exports on a monthly basis surpassed the previous record high of $8.8 billion in June 2021, according to Engineering Export Promotion Council (EEPC). The US remained the top importer of India's engineering goods with total exports growing 27.23 per cent in the month under preview to $1,272 million as compared to the same month a year ago.

UAE was India’s second largest export destination for the third time in a row with, the July shipment nearly doubling to $518 million from $269.29 million in July 2020, an EEPC India analysis showed.

While 28 of 33 engineering product groups showed positive growth in July, five posted declines. The year-on-year decline in Zinc and related products was 2.8 per cent.the decline was 8 per cent in electrical machinery and equipment and a 20.8 per cent in ships, boats and floating bodies. The monthly decline in aircraft and spacecraft was 18.4 per cent.

Exports of iron and steel grew 87 per cent in July 2021 over the same period last year. Besides, exports of iron and steel products rose 31.8 per cent in July 2021, resulting in 70.8 per cent growth for the category.

The automobile sector (consisting of twoand three-wheelers, motor vehicles and cars) posted a massive jump 68.2 per cent jump in exports primarily due to spurt in two- and three-wheelers by 99.7 per cent and motor vehicles by 58 per cent. In cumulative terms, the automobile sector grew more than 140 per cent from $1,295.5 million in April-july 2020-21 to $3,110.3 million in April-july 2021-22.

Mexico, South Africa and Nigeria were top three importers of India's automobiles during April-july 2021 with 12.15 per cent, 11.36 per cent and 5.64 per cent share in India’s global exports respectively over the same period last fiscal.

The engineering sector is the largest of the industrial sectors in India. It accounts for about one-fourth of the total factories in the industrial sectors and represents nearly two-thirds of the overall foreign collaborations. India’s engineering sector has witnessed a remarkable growth over the last few years driven by increased investment in infrastructure and industrial production.the engineering sector, being closely associated with the manufacturing and infrastructure sectors, is of strategic importance to India’s economy.

THE US REMAINED THE TOP IMPORTER OF INDIA'S ENGINEERING GOODS WITH TOTAL EXPORTS GROWING 27.23 PER CENT IN THE MONTH UNDER PREVIEW TO $1,272 MILLION AS COMPARED TO THE SAME MONTH A YEAR AGO